NOTE: this is the same company and information as Module 8 BUT it is asking for August's cash budget. Anthony Led prepares monthly cash budgets. The following information is available for the company July August Salus 5357 000 $404,000 Direct materials purchases $119,000 5111,000 Direct labour $84,000 $112,000 Manufacturing overhead $69,000 589,000 Selling & administrative expenses |576,000 | 580.000 The following additional Information is available: a. Sales are 100%% on account and the company expects to collect 50% in the month of sale, 40% in the month following sale and 10% in the month after that. b. Direct material purchases are paid 30%% in the month of purchase and 70%% in the month after purchase. c. Sales for May were $201,000 and sales in June were $277,D00. d The company purchased $90,000 of direct materials in June. e. Direct labour is paid in the month the costs are incurred. 4. Manufacturing overhead includes $10,000 of depreciation every month. The remaining costs are paid in the month incurred. Selling and administrative expenses include $5,000 of depreciation per month. The remaining cost are paid in the month incurred. h. In July the company collected $4,000 on a notes receivable I. In August the company sold old equipment for $6.000 cash. |. In August the company purchased new equipment for $20,000 cash, k. The cash balance on August 1 is expected to be $50,700. I. The company maintains a minimum cash balance of $41,003 per month Prepare a cash budget for AUGUST